CVX opinions wanted

I'm not really asking what I should do with my position in cvx, I'd just like to get a concensus of how traders feel this is going to fare over the next week or so, maybe get some unbiased input.
Looks oversold as hell, p/e below 9 and pays a decent dividend, and crude looks to stay above $60 for a while with rbob gasoline doing so well. In spite of those reasons, decent bids are pretty much non-existant this week. Tell me why you would or would not buy or at what price you would buy, if at all.

Hmmmm, I work at CVX and it almost hit 72 last week, now at 67 and change. All most 10 percent down. Underperforming the market, but that may make it a good buy. Looking for low 60's. Most of my buddies just shrug it off as long term. Good company. The major find in the Gulf is not reflected in the price. They will have their day. Look at Thursday's action relative to the Dow and USO. CVX is looking a bit weak at the moment, and I'm out. Seems to track the dow more than Oil prices but IMHO that's just because the Dow has wider swings at the moment.

Quote from a529612:

The overall market is not acting well and is dragging CVX down with it. I would not be surprised if it will retest low 60s. Looks like double top and head and shoulders formation to me...

The upcoming driving season should provide some support. So sit tight.

my opinion is some bounce is gonna come, but every bounce from now on will be sold unless crude oil starts heading to $70. If crude starts going down or stays around here, then most oil stocks will be sold every time they go up now. Funds/hedgies have already lost money in other areas like financials, so they will sell anything else they are holding that is profitable http://lauristonletter.blogspot.com/

I think the problems in venezuela with Hugo Chavez wanting to assert his authority over the oil fields - Chavez's move on the oil fields came as no surprise. In January, during a nationally televised speech, the leftist leader pledged to seize control of the country's few remaining pockets of private industry, including the Orinoco projects- is taking its toll on the major US Companies that do business there i.e. XOM, BP, CVX etc.

I think the problems in venezuela with Hugo Chavez wanting to assert his authority over the oil fields - Chavez's move on the oil fields came as no surprise. In January, during a nationally televised speech, the leftist leader pledged to seize control of the country's few remaining pockets of private industry, including the Orinoco projects- is taking its toll on the major US Companies that do business there i.e. XOM, BP, CVX etc.

More...

HOUSTON (MarketWatch) -- Despite raising alarms over Venezuela's push to further nationalize its oil industry, analysts say the world's biggest oil companies show no sign of stomping off and abandoning their multi-million-dollar investments there.

HOUSTON (MarketWatch) -- Despite raising alarms over Venezuela's push to further nationalize its oil industry, analysts say the world's biggest oil companies show no sign of stomping off and abandoning their multi-million-dollar investments there.

You've got to look at public perception here. There was a lot of panic selling in these stocks over the past week over Chavez's 60% control over Venezuelan oil fields.
It remains to be seen how these stocks will react in the coming days. Even though the "oil companies show no sign of abandoning their investments", they have Chavez to contend with. Ultimately their success here will hinge on what kind of agreements they can formulate with the Venezuelan leader. To quote the Marketwatch piece - "provided you're willing to play ball with the state ... and accept that there's no sanctity of contracts."